Spain to announce banking sector auditors on Monday

Spain will announce the names of the two independent auditors charged with conducting an analysis of the country's banking sector on Monday, Spain's Deputy PM said on Friday.

The audit will start with a one-month stress test followed by a deeper analysis of assets in the financial sector, Soraya Saenz de Santamaria said in a press conference following the weekly cabinet meeting.

Structural reforms and budget cuts would allow the economy to grow, she added.